Personal Pension  

DT builds retirement profiling tool for Saga

DT builds retirement profiling tool for Saga

Distribution Technology has been selected by Saga Investment Services to support the development and delivery of a new online retirement health check for its customers.

The digital risk profiling provider has developed a retirement income planning tool, available on the Saga Investment Services website for use directly by customers.

The ‘Look Ahead’ tool allows them to see likely income in retirement and highlights the extent to which this is likely to result in a surplus or deficit.

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Expected outgoings are taken into account and combined the values of pension and investment savings to project the likely performance.

It then gives a range of expected performance using Distribution Technology’s risk profile asset allocation models.

Nici Audhlam-Gardiner, managing director of Saga Investment Services, said the launch of this tool will help drive engagement with customers as they plan their retirement.

Distribution Technology’s client director for financial institutions Matt Noble noted that with the population living longer in retirement, understanding the value of investments and what income they can deliver is of tantamount importance.

“This digital tool, backed by our asset and risk model, will help Saga customers build a clearer picture of their finances in retirement,” he added.

Mike Pendergast, an independent financial adviser with Cheshire-based Zen Financial Services, said retirement tools in general are all reliant upon assumed interest rates, which obviously are not known.

He said: “However, they are useful for compliance purposes, to ensure advisers have fully discussed the various scenarios which may occur when planning for retirement.”

ruth.gillbe@ft.com